NZQA registered unit standard / 28087 version 3
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Title / Demonstrate understanding of the effect of life stages on personal income
Level / 1 / Credits / 3
Purpose / People credited with this unit standard are able to demonstrate understanding of the effects of life stage on personal income.
Classification / Core Generic > Financial Capability
Available grade / Achieved, Merit, and Excellence
Criteria for Merit / Description shows a detailed understanding of the effect of life stage factors on personal income sources by includingtwo reasons why personal income varies for each of the three different life stages.
Criteria for Excellence / Description shows a comprehensive understanding of the effect of life stage factors on personal income by includingtwo potential benefits of planning for changes in income at each of the three different life stages.

Explanatory notes

1This unit standard can be awarded with Achieved, Merit, or Excellence. For the Achieved grade to beawarded, the outcome must be achieved as specified in the outcome statement. For Merit or Excellence to be awarded, the candidate must meet the Merit or Excellence criteria specified above.

2Definitions

Incomerefers to income sources and/or levels of income.

Income sources refers to– earned income, unearned income. Earned income is the sum of all wages, salaries, profits, commission, fees, and other forms of earning received from work, in a given period of time. Unearned incomeis theincome that is not a salary or a wage. It includes government benefits, interest, dividends, or capital gains from investments, rent from land or property ownership, and any other form of income that does not derive from work.

3References

Holm, Mary. KiwiSaver Basics –

KiwiSaver –

Commission for Financial Capability –

Inland Revenue –

Ministry of Business Innovation and Employment –

Sorted: Your Independent Money Guide –

Work and Income –

Studylink –

Outcomes and evidence requirements

Outcome 1

Demonstrate understanding of the effect of life stages on personal income.

Rangethree life stages include – education/industry training/early employment, mid-career, and retirement.

Evidence requirements

1.1Possible income sources at different life stages are identified in terms of contribution to personal income.

Rangeearned income, unearned income.

1.2Other factors that apply at the three life stages are described in terms of their effect on personal income.

Rangefactors may include – age, relationship status, household size, employment situation, access to government support entitlements, tax implications;

evidence of three factors for each life stage.

Planned review date / 31 December 2020

Status information and last date for assessment for superseded versions

Process / Version / Date / Last Date for Assessment
Registration / 1 / 12 December 2013 / 31 December 2018
Revision / 2 / 21 May 2015 / 31 December 2018
Review / 3 / 21 July 2016 / N/A
Consent and Moderation Requirements (CMR) reference / 0226

This CMR can be accessed at

Please note

Providers must be granted consent to assess against standards (accredited) by NZQA, before they can report credits from assessment against unit standards or deliver courses of study leading to that assessment.

Industry Training Organisations must be granted consent to assess against standards by NZQA before they can register credits from assessment against unit standards.

Providers and Industry Training Organisations, which have been granted consent and which are assessing against unit standards must engage with the moderation system that applies to those standards.

Requirements for consent to assess and an outline of the moderation system that applies to this standard are outlined in the Consent and Moderation Requirements (CMR). The CMR also includes useful information about special requirements for organisations wishing to develop education and training programmes, such as minimum qualifications for tutors and assessors, and special resource requirements.

Comments on this unit standard

Please contact NZQA National Qualifications Services if you wish to suggest changes to the content of this unit standard.

NZQA National Qualification Services
SSB Code 130301 / New Zealand Qualifications Authority 2018